Increasing tax burden, policy implementation and lack of inter-governmental coordination were other negatives the OICCI members were coping with. "Total amount of investments indicated by respondents' was estimated to be approximately $3 billion over the next few years," OICCI president Atif Bajwa informed the prime minister during a meeting in the federal capital.
The Chamber's managing committee discussed with PM Sharif results of the OICCI's Perception and Investment Survey 2015, said a statement issued here by the Overseas Chamber. Federal Finance Minister Ishaq Dar, Federal Commerce Minister Khurram Dastgir Khan and Chairman Board of Investment Miftah Ismail were also present. "The overall results of the OICCI's survey were very encouraging and reflect improved and positive sentiment of the members of the OICCI; the leading foreign investors operating in the country," said Bajwa.
He said this could be seen from the fact that 82 per cent said they foresaw continuing growth in their business and that they were generally committed to making further investment in the country. Bajwa said: "The respondents have also highlighted their concern with some aspects of doing business in Pakistan and have indicated that more support from certain government ministries and regulatory bodies is required".
The good news from the OICCI survey was that the country's economy continued to improve, he said. "This is a welcome sign for the youth entering the job market with more than half of the respondents indicating that they will add to their employment base".
Moreover, nearly 60pc of the respondents indicated plans to make new investments, out of which more than seven out of 10 respondents plan to invest more or similar amounts over the next one to five years compared to the investments they made in the previous corresponding period. Moreover, Bajwa said, the planned investment in business and human capital was expected to boost revenue and profitability, as 84pc of the respondents were expecting increased sales and 79pc expected their profits to rise.
The OICCI members continue to have confidence in the country and have hopes that the business climate would improve, with nearly 80pc of the members stating they would recommend more foreign direct investment (FDI) into Pakistan. When comparing Pakistan business climate with its 10 regional peers, more than half the respondents gave a higher rating to Pakistan, as compared to Sri Lanka, Bangladesh, Philippines and Vietnam.
A significant number of foreign investors have given good ratings for certain aspects of doing business like access to local finance, safety of foreign investment, repatriation of profit and relatively favourable ratings for an independent legal system, and protecting minority's interest, which reflect the liberal and investor-friendly policies appreciated by foreign investors. Despite some negative perceptions, the survey's response should be encouraging for policy-makers as the `High Risk' rating for Pakistan as a venue for investment has, in the opinion of the respondents, reduced to 19pc from 42pc in 2013. "This is a good message for prospective foreign investors entering the country," he added. Happy to note the positive sentiments of OICCI members, Prime Minister Sharif agreed to maintain regular engagements with OICCI to promote FDI in the country and improve ease of doing business.